Compliance allegations top FCA whistleblowing reports for 2024

Compliance issues topped the Financial Conduct Authority’s (FCA) whistleblowing data for the fourth quarter of 2024, published yesterday. Almost 21% of all protected disclosures by staff about their employers related to possible compliance breaches. In all, the FCA received 292 reports between October and December 2024, comprising 852 separate allegations.

Analysis by Compliance Corylated of FCA whistleblowing data for the past four quarters found compliance was also the top category overall in 2024. The regulator received 658 allegations categorised as compliance, 436 as fitness propriety, 368 as culture of organisation, and 361 as consumer detriment.

Closed cases

The FCA said it closed 388 reports in Q4. Fewer reports led to the regulator taking action in that quarter (50%) than in the previous one (52%). Fifteen (4%) of the closed reports had resulted in the FCA taking “significant” action to reduce harm, it said, which is defined by the FCA as instances where it took enforcement action, restricted a firmʼs permissions or issued a section 166 skilled person report.

A further 178 reports led to the FCA taking “action” to reduce harm across the quarter, which includes writing to or visiting a firm, asking for information, and requiring a firm “to attest to comply with our rules”.

Attestations

However, it is not possible to map the whistleblowing data in the 178 reports where an attestation might have been the outcome because the FCA has not updated its data set on attestations since June 2024. Its most recent data set is for the first quarter of 2024.   

In January 2025, Compliance Corylated submitted a request under the Freedom of Information Act 2000 to the FCA for more recent quarterly attestation data. Last month, the regulator declined to provide the information using an exemption.

“We can confirm that we hold the information that you have requested. However, to the extent that the information you have requested will be published within the next few weeks, we are exempt from the duty to provide it to you in advance as we consider that section 22 (information intended for future publication) of FOIA applies,” the FCA said in FoI11980.

At the time of going to press, the FCA had not updated the data set on attestations on its website.

Outcomes

In May 2023, the FCA outlined its plans to improve confidence among whistleblowers that it would treat their allegations seriously. A key frustration for those who have made protected disclosures to the regulator has been the lack of information on how these were followed up and investigated.

Georgina Halford-Hall, CEO of Whistleblowers UK, which works with individuals making protected disclosures, said the information provided by the FCA yesterday did not “demonstrate a systemic change”, adding: “I’d go as far as to say that the data isnʼt enough for anyone to be able to make any form of decision whatsoever about how the FCA is handling reports from whistleblowers.

“Itʼs all very well closing cases. But when did they start? And how many are ongoing? This data just reinforces the need for an independent office of the whistleblower, which would have a much broader oversight and ensure that the concerns that being raised and the evidence of wrongdoing is escalated appropriately to all of the relevant agencies,” she added.

A private members’ Bill to introduce an office of the whistleblower was introduced to Parliament on December 18, 2024, and is scheduled to have a second reading on April 25.